Adobe Inc. (NASDAQ:ADBE) Position Increased by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,415 shares of the software company’s stock after purchasing an additional 1,564 shares during the period. Citizens Financial Group Inc. RI’s holdings in Adobe were worth $11,746,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Swedbank AB lifted its holdings in Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the period. United Bank lifted its holdings in Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after purchasing an additional 428 shares during the period. Assetmark Inc. lifted its holdings in Adobe by 2.6% in the third quarter. Assetmark Inc. now owns 20,323 shares of the software company’s stock worth $10,523,000 after purchasing an additional 520 shares during the period. Sigma Planning Corp lifted its holdings in Adobe by 7.5% in the third quarter. Sigma Planning Corp now owns 4,873 shares of the software company’s stock worth $2,523,000 after purchasing an additional 339 shares during the period. Finally, Baker Avenue Asset Management LP lifted its holdings in Adobe by 18.4% in the third quarter. Baker Avenue Asset Management LP now owns 915 shares of the software company’s stock worth $474,000 after purchasing an additional 142 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ADBE shares. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Mizuho cut their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. DA Davidson cut their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $563.96.

Adobe Stock Down 3.2 %

ADBE opened at $435.08 on Tuesday. The firm’s 50-day simple moving average is $439.35 and its 200-day simple moving average is $485.74. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The firm has a market cap of $189.44 billion, a price-to-earnings ratio of 35.09, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 EPS. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.